
Tower 16 Claims First Inland Empire MF
Carlsbad, CA-based Tower 16 Capital Partners, in a joint venture with Henley USA, acquired Hillside Village Apartments, an 80-unit multifamily project in San Bernardino, for $11 million from an unnamed private seller. The property is located at 2196 Kendall Dr., near California State University, San Bernardino.
Tower 16’s Mike Farley says, “While this acquisition is small for us, it fits with our criteria of purchasing assets with significant operational upside and require capital improvements. Our plan is to replicate our growth in the Las Vegas market, where we now have 1,600 units, as we assemble a portfolio of multifamily properties with considerable upside.”
The apartment complex is near parks, freeways, Loma Linda University and Victoria Gardens open-air shopping destination. Hillside Village features one and two-bedroom apartments, with covered parking and private balconies or patios, a pool, spa, fitness center and laundry facilities.
Lee & Associates’ Warren Berzack and Slavic Zlatkin represented both the buyer and seller.
For comments, questions or concerns, please contact Dennis Kaiser
- ◦Sale/Acquisition